EnerJex Resources, Inc., reported the production results from three new wells located in the Company's El Toro Project in South Texas.

Two of the wells are currently producing at a stabilized rate of 40 to 50 barrels of oil per day (BOPD) each, and one well is producing at a stabilized rate of 20 to 30 BOPD.

The El Toro Project is currently producing approximately 150 BOPD from seven wells, including the three new wells, and four wells are temporarily shut-in awaiting workovers. This project is operated by EnerJex and consists of more than 5,000 acres in which the Company owns working interests ranging from 40% to 48%.

Robert Watson Jr., the company's CEO, commented, "We are very pleased with these results and look forward to continuing the development of this project, where we have numerous infill drilling opportunities and significant expansion potential. These new wells are expected to achieve payout in approximately 12 months and produce oil for decades to come. In addition, I am excited to announce that the Company recently signed a new contract to sell its oil from this project at a $5 per barrel premium to NYMEX West Texas Intermediate pricing."

Tags: EnerJex Resources